Home Highlights September 2012 Year 2012 This

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1. CIT(A) has rightly directed the A.O. to work out capital gain on surrender of tenancy rights after taking into account the cost of acquisition of tenancy right as worked...

2. Capital gain on tenancy rights - transfer u/s 2(47) - Even if the assessee has not paid any amount for purchase of tenancy rights, the nature of rights would remain...

3. Amount received for surrender of tenancy rights – applicability of section 10(3) – the cost of acquisition of tenancy was capable of ascertainment but the Revenue had...

4. The firm was not a tenant/had not paid for acquisition of tenancy right but has made payments to the legal heirs of the deceased partners and has reflected the same as...

5. Computation of LTCG – Whether the value of surrender of tenancy right is to be considered as cost of acquisition of house property - Held yes - AT

6. Deduction u/s 54/54F - assessee has not acquired the ownership rights in the new property but merely acquired tenancy right which could not be equated with ownership...

7. Sale of flat acquired by her in lieu of surrender of tenancy rights - working out the taxable gains the assessee - AO treated the cost if acquisition as NIL - market...

8. Addition of capital gain - cost of indexation - JDA property - Though in the definition of 'indexed cost of acquisition', the word used are, "in which the asset was held...

9. The firm is succeeded by the company, therefore, the cost of acquisition of the company would be as that of acquisition of the firm. The valuation of land and assets of...

10. Defining the cost of acquisition in case of certain assets for computing capital gains - 'Cost of acquisition’ and ‘cost of improvement’ of certain assets like...

11. Capital gain computation - Failure of the assessee to offer capital gains in the appropriate year will not disentitle the assessee to claim cost of acquisition....

12. Cost of acquisition - the ownership right sold by the assessee is having nil cost of acquisition. - this argument of the assessee that there will be no capital gain...

13. Disallowance of depreciation of tenancy rights - the tenancy right is not an intangible asset eligible for deprecation u/s 32.

14. Compensation for surrender the tenancy right - tenancy right was a capital asset and surrender of the same was a transfer of a capital asset - HC

15. Depreciation on tenancy rights - The tenancy right cannot be treated as an intangible asset, there is no question of allowing depreciation on it - AT